BSP directs financial firms to do cyber self-checks

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Bangko Sentral ng Pilipinas

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) will now require banks and other financial institutions to regularly evaluate their own cybersecurity safeguards, part of a broader push to fortify the financial system as digital services expand and online threats become more sophisticated.

In Circular No. 1232, dated April 27, the central bank introduced a Cybersecurity Maturity Framework intended to give institutions a structured way to measure and strengthen their defenses across key areas of risk and control.

The framework will be paired with a Cybersecurity Control Self-Assessment tool designed to help financial institutions benchmark their current practices and map out a path toward stronger safeguards.